12.28.2012

A mortgage life insurance is a type of insurance policy that is designed to pay off your mortgage in the event of your untimely death. The insurance company will pay off any outstanding balance left on your mortgage leaving your family debt-free. Typically, in this type of insurance, as your mortgage decreases, so does the amount of insurance.

How Mortgage Life Insurance Works

When mortgage insurance begins, the coverage must equal the outstanding amount on the repayment mortgage. The policys termination date must coincide with the date scheduled for the final payment on the repayment mortgage. The insurance company calculates the annual rate at which the insurance cover should decrease in order to reflect the value of the capital outstanding on the repayment mortgage. Some mortgage policies will include provisions for payouts if the policyholder is diagnosed with a terminal illness from which he or she is expected to die within a year of being diagnosed.

Purchasing mortgage life insurance is not such a good idea. In fact, its hard to find any mortgage life insurance which offers good value. The main reason why purchasing this type of insurance is a bad idea is because currently, traditional mortgage life insurance rates are not as competitive, as say, most term life rates.

Reasons why mortgage life insurance is not a good idea

Term Life Insurance Makes More Sense

More People Choose Term Life Insurance over Mortgage Life Insurance

It is more common to see people purchasing term life insurance with return of premiums options instead of mortgage life insurance. At the end of the term, all the premiums you have paid are refunded to you, tax-free.

Another better option to mortgage life insurance is a level term life policy. A level term life policy will give you the benefit of paying level premiums throughout the term period. And unlike mortgage life insurance, your death benefits will not decrease during the full term period.

Finding the Best Deal on Term Life Insurance

You can get the best term life insurance at the most affordable price by using online life insurance providers. Many of these not only offer the best term life insurance quote but also free professional services to help you identify policies that suit your needs the best and make meaningful recommendations. Look for online life insurance providers who are BBB-accredited and are affiliated with the best life insurance carriers in the industry. They will provide you with instant life insurance quotes which you can use to compare prices and products. This will help you make an informed decision and land you with a policy that best suits your needs at the most affordable price.

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